特斯拉 (TSLA) 2026 Q3 法說會逐字稿

Good afternoon, everyone, and welcome to Tesla's third quarter 2026 Q&A webcast. My name is Travis Axelrod, Head of Investor Relations, and I'm joined today by Elon Musk, Vaibhav Taneja and a number of other executives. Our Q3 results were announced at about 3:00 PM Central Time in the update deck we published at the same link as this webcast.

各位下午好，歡迎收看特斯拉 2026 年第三季 Q&A 網路直播。我是投資人關係主管 Travis Axelrod，今天與我一同出席的有 Elon Musk、Vaibhav Taneja 以及多位其他主管。我們的第三季業績已於美國中部時間下午 3:00 左右，在我們於本次直播相同連結發布的更新簡報中對外公布。

During this call, we will discuss our business outlook and make forward-looking statements. These comments are based on our predictions and expectations as of today. Actual events or results could differ materially due to a number of risks and uncertainties, including those mentioned in our most recent filings with the SEC. (Operator Instructions)

在本次電話會議中，我們將討論業務展望並發表前瞻性陳述。這些評論係基於我們截至今日的預測與預期。由於多項風險與不確定性（包括我們最近向美國證券交易委員會（SEC）提交文件中所提及者），實際事件或結果可能與預期有重大差異。（接線員指示）

Before we jump into Q&A, Elon has some opening remarks. Elon?

在我們進入問答之前，Elon 會先做一些開場說明。Elon？

Thank you. So the third quarter was very strong, and I'd like to give a big congratulations to the whole Tesla team for working hard to make it happen. Demand is growing rapidly for our vehicles. It's exceeding our production by a significant margin. And obviously, we're going to be ramping and we are ramping production meaningfully.

謝謝。第三季表現非常強勁，我想向整個特斯拉團隊致上熱烈祝賀，感謝大家努力促成這一切。我們車款的需求正在快速成長。需求以相當大的幅度超過我們的產能。而且很明顯地，我們將會、也正在大幅提升產量。

The biggest driver for demand is full self-driving. And today, there's really no competitor for FSD in any car that you can buy. And to be clear, we are producing and delivering as many cars as we can, and we're pushing very hard for FSD approval in additional markets. We're now approved in many countries in Europe, and we're hoping for an EU-wide approval it's hard to predict, but maybe within a few months, but I would be surprised if it takes longer than Q1. But obviously, that's not a time frame we control, but we do anticipate being fully approved in throughout Europe and many other countries.

需求最大的驅動因素是全自動輔助駕駛（FSD）。而在今天，你能買到的任何車款中，FSD 真的沒有競爭對手。需要說清楚的是，我們正在盡可能生產並交付更多車輛，同時也在非常努力推動 FSD 在更多市場取得核准。我們目前已在歐洲多個國家獲得核准，並希望能取得歐盟範圍的核准；這很難預測，但也許在幾個月內，不過如果拖到超過第一季我會感到意外。當然，這不是我們能掌控的時程，但我們確實預期能在整個歐洲以及許多其他國家全面獲得核准。

We also began production of the Tesla Semi truck in Q3 and did the new roaster demo, which was, I think, one of the most exciting events. I mean, arguably, the coolest demo of any product ever, and that's a testament to amazing work by the Tesla and SpaceX teams. So we've also been like laying the groundwork for a lot more manufacturing capacity. We're, I think, aiming for 5 million vehicles a year by approximately 2030. And that's I think we've got a good shot of achieving that goal.

我們也在第三季開始生產 Tesla Semi 卡車，並進行了新 Roadster 的展示，我認為那是最令人興奮的活動之一。我的意思是，可以說是史上任何產品中最酷的展示，而這也證明了特斯拉與 SpaceX 團隊的驚人成果。此外，我們也一直在為更多製造產能打基礎。我想我們的目標是在大約 2030 年達到每年 500 萬輛的產能。我認為我們很有機會達成這個目標。

And yes, so energy demand is very strong. We're actually almost sold out of all Megapacks for 2027, and we're ramping production as quickly as possible to meet demand. We also expect gross margins on that to increase meaningfully. So in a nutshell, after many years of sort of grind and things being fairly flat, I think we're now headed for a lot of fun and significant growth.

另外，能源需求非常強勁。我們其實 2027 年的 Megapack 幾乎已經全數售罄，我們正以最快速度提升產量以滿足需求。我們也預期其毛利率將顯著提升。總結來說，在經歷多年有點像苦撐、成長相對平緩之後，我認為我們現在正走向更有趣且顯著的成長。

Regarding Robotaxi, we're seeing the Robotaxi miles driven fully autonomous miles driven scale exponentially, meaning scaling very rapidly. And it would be hard to overstate this point. It really is an extremely fast week-over-week growth in autonomous miles. And I don't think there's any company in the world that can match our scale with autonomous vehicles as we continue to ramp.

關於 Robotaxi，我們看到 Robotaxi 的行駛里程、也就是完全自動駕駛的行駛里程，正在呈指數型擴張，也就是非常快速地成長。而這一點怎麼強調都不為過。自動駕駛里程的週對週成長真的極其迅速。而且我不認為世界上有任何公司能在我們持續擴張之際，在自動駕駛車隊規模上與我們匹敵。

The Cybercabs fleet in Austin, for example, has grown by a factor of 10 since launch about a month ago. And the cumulative mileage is really when I look at the weekly chart, it's wow. I mean it looks like a rocket going orbit basically is growing very fast. And I recommend if you want to try it out, come into Austin and you'll see Cybercabs in use at scale in Austin, as I think a lot of people saw with the Austin City Limits concert recently. So this is really going to a very good place.

以奧斯汀的 Cybercabs 車隊為例，自大約一個月前上線以來，規模已成長 10 倍。而累積里程——當我看每週圖表時——真的會覺得「哇」。我的意思是，它看起來就像火箭進入軌道一樣，成長非常快。如果你想體驗，我建議來奧斯汀，你會看到 Cybercabs 在奧斯汀以規模化方式運行；我想很多人最近在 Austin City Limits 演唱會也看到了。所以這真的正朝著非常好的方向發展。

Regarding Optimus, we've started like what I'd call early production on our high-volume line in Fremont. I want to elaborate on this point because and I've said this before that the growth of Optimus, it's an S-curve, but the initial part of the S-curve is has a shallow slope and is somewhat bumpy because it is such a radically new product. So the way to think about it is there's like 10,000 things that have to go right for production of the robot, and it will move as fast as the slowest least likely of the 10,000. But we do have the vast majority of a 1 million unit per line production line landed in Fremont right now. But I would expect that it takes us probably at least a year, maybe a little longer to get to that annualized rate to get to 20,000 units a week.

關於 Optimus，我們已在弗里蒙特（Fremont）的高產量產線上開始我所稱的早期量產。我想多說一點，因為我之前也提過，Optimus 的成長是一條 S 曲線，但 S 曲線的初期斜率較平緩、而且會有些顛簸，因為這是一個極度全新的產品。所以可以這樣理解：機器人量產有大概 10,000 件事都必須做對，而進度會取決於那 10,000 件事中最慢、最不可能順利的那一件。不過，我們目前已在弗里蒙特完成落地（到位）一條每條產線年產 100 萬台的產線之絕大部分設備。但我預期我們大概至少需要一年、也許更久，才能達到那個年化速度，也就是每週 20,000 台。

So this is just fundamentally because there's still parts of the design that are changing.

這從根本上來說，是因為設計仍有部分在持續變更。

Like a lot of people ask me about Optimus. That's why I think I've got to kind of sort of belabor this point because if people aren't don't sort of understand like new technology that well or volume production of complex new hardware that well, it sort of seems like, well, can't you just make a whole bunch of these things immediately and send them out. And it's like, no, you've got to basically build up an entire gigantic global supply chain and have domestically a very, very big factory and everything has got to work. And there's still some things we need to tweak about the design because you need to deliver a robot that is safe and reliable and has long duration. So it can't like wear out after a month.

很多人會問我 Optimus 的問題。所以我覺得我必須有點反覆強調，因為如果大家對新技術、或對複雜新硬體的量產不太理解，就會覺得：嗯，你們不能立刻做出一大堆然後出貨嗎？但答案是：不行，你基本上必須建立一整套龐大的全球供應鏈，並在國內擁有非常、非常大的工廠，而且所有環節都得運作順暢。而且設計上仍有一些需要微調的地方，因為你必須交付一個安全、可靠、且可長時間運作的機器人。所以它不能用一個月就磨損報廢。

And there's still quite a lot of work to do with regard to the AI and the robot for it to be truly useful for open-ended tasks. But like I said, if I would expect that the AI, the electromechanical design and the reliability and duration usage duration, like the usage life of the robot, I expect I do expect these issues to be solved around the end of next year.

此外，在 AI 與機器人本體方面，仍有相當多工作要做，才能讓它對於開放式任務真正有用。但如我所說，我預期 AI、機電設計、可靠性與耐久性（也就是機器人的使用壽命）等問題，會在明年年底左右得到解決。

So that's the time to expect when we're delivering Optimus to companies outside of Tesla. And I remain convinced that Optimus will be the biggest product on earth and humanoid robots in general will be the biggest product on earth. So it's Optimus is a very big deal, but I don't want to temper expectations that we still have a lot to get through, and it's about a year or so that will take us to get through all that stuff.

因此，那會是我們開始把 Optimus 交付給特斯拉以外公司時可以期待的時間點。我仍然深信 Optimus 會成為地球上最大的產品，而人形機器人整體而言也會成為地球上最大的產品。所以 Optimus 非常重要，但我也想調整大家的期待：我們仍有很多關卡要過，大約還需要一年左右才能把這些事情都處理完。

But as to the best of my knowledge, there is no one that is even close to Tesla with respect to a general purpose humanoid robot.

但就我所知，在通用型人形機器人方面，沒有任何人能接近特斯拉的水準。

Regarding the Terafab, the Austin-based research fab is progressing quickly. We'll begin commissioning machinery in the first half of next year. And hopefully, if things go well, we'll make our first test chip just to see if we can make any chip at all around May or June. So that's, I think, pretty exciting. And then we're our aspiration is to be making some kind of useful chip at volume around Q3 of 2028.

關於 Terafab，位於奧斯汀的研發晶圓廠進展迅速。我們將在明年上半年開始進行設備試車與導入（commissioning）。並且希望如果一切順利，我們會在大約 5 月或 6 月做出第一顆測試晶片，只是先看看我們是否能做出任何晶片。這我認為相當令人振奮。接著，我們的目標是在 2028 年第三季左右，以量產規模製造某種具實用性的晶片。

So, and as I said publicly, the Terafab, I think, will be the most valuable building in the world and we'll probably have an economic value that will place it in the top 20 of countries. So it's an epic project. And this will be an incredibly important asset, if not a necessary asset in order to scale, especially Optimus as we can address bottlenecks in semiconductors, whether it's memory, packaging, logic or whatever the case may be. With regard to a potential merger with SpaceX, I think I said everything that should be said yesterday, tap-dancing through a minefield there. And yes, that's it.

所以，正如我之前公開說過的，我認為 Terafab 將會是全世界最有價值的建築，我們的經濟價值很可能會讓它躋身全球前 20 大國家的水準。所以這是一個史詩級的專案。而這將會是一項極其重要的資產，甚至可以說是擴張所必需的資產，特別是對 Optimus 而言，因為我們可以解決半導體的瓶頸，不論是記憶體、封裝、邏輯或其他任何情況。至於與 SpaceX 潛在合併一事，我想我昨天已經把該說的都說了，在那裡就像在雷區裡跳踢踏舞一樣。對，就這樣。

In conclusion, we're super excited about our autonomy and robotics road map. There's a lot of incredibly awesome stuff coming. And I'd like to once again thank the Tesla team for their strong execution and all of our supporters for joining us on this journey.

總結來說，我們對自動駕駛與機器人路線圖感到非常興奮。接下來會有很多非常精彩的內容推出。我也想再次感謝特斯拉團隊強而有力的執行力，以及所有支持者與我們一同踏上這段旅程。

Great. Thanks very much, Elon. And Vaibhav has opening remarks as well. Vaibhav?

很好。非常感謝你，Elon。Vaibhav 也有開場致詞。Vaibhav？

Thanks, Travis. We continued our progress on a lot of fronts in Q3. Elon already covered a lot of them. Additionally, which I'd like to add is we also started deliveries of Megapacks with our in-house LFP batteries. And for the first time, two consecutive quarters of vehicle deliveries of over 480,000.

謝謝你，Travis。我們在第三季於多個面向持續取得進展，Elon 已經涵蓋了其中很多。另外我想補充的是，我們也開始交付搭載自製 LFP 電池的 Megapack。而且我們首次連續兩個季度的車輛交付量都超過 48 萬輛。

On the automotive business, we exited the quarter with our highest backlog in four years, with deliveries constrained primarily by production. We are, therefore, focused on increasing production at all our factories to meet this growing demand. While we are actively working to increase production, it does take some time to get every aspect dialed in from supply chain to manufacturing to delivery logistics.

在汽車業務方面，我們在季度末的未交訂單（backlog）達到四年來最高水準，交付主要受限於產能。因此，我們專注於提升所有工廠的產量，以滿足持續成長的需求。雖然我們正積極提高產量，但要把供應鏈、製造到交付物流的每個環節都調校到位，仍需要一些時間。

The Model Y continued to outperform in the quarter and set delivery records in several key markets. Based on the preliminary data which we've gathered, we believe that it was the number one selling BEV in Europe and the number one selling passenger car in South Korea. We also set new records in key markets, including Australia, Japan and Taiwan.

Model Y 在本季度持續表現優於預期，並在多個關鍵市場創下交付紀錄。根據我們蒐集到的初步數據，我們相信它是歐洲最暢銷的純電動車（BEV），也是南韓最暢銷的乘用車。我們也在包括澳洲、日本與台灣等關鍵市場創下新紀錄。

As Elon said, FSD continues to be the key driver for demand. In Q3, over 75% of deliveries in North America included a sign-up for paid FSD subscription at the time of delivery, which is approximately 20% higher than Q2. Overall, the FSD attach rate continued to improve, reaching over 1.7 million paid customers globally, of which, for the first time, 50% is based on subscriptions. Given the strength of FSD in the US. We are taking extra steps to sell certain cars in Europe with some benefits to try and get more feet out there before a broader FSD approval is obtained.

如 Elon 所說，FSD 仍是需求的關鍵驅動因素。在第三季，北美超過 75% 的交付在交車時就有登記付費的 FSD 訂閱，約比第二季高出 20%。整體而言，FSD 的搭載率（attach rate）持續改善，全球付費客戶數已超過 170 萬，其中首次有 50% 來自訂閱制。鑑於 FSD 在美國的強勁表現，我們正採取額外措施，在歐洲銷售部分車款時提供一些優惠，嘗試在取得更廣泛的 FSD 核准之前，先讓更多人上路使用。

On automotive margins, excluding credits, increased sequentially from 16.3% to 18.1%. The improvement in margins is driven by a higher mix of deliveries in APAC. While commodity price increases and interest rate changes continue to add to our cost and create further headwinds, we have adjusted the vehicle financing programs to partially offset for such costs. On the energy business, we had our second best quarter of deployments of 13.7 gigawatt hour of energy storage. Energy gross margins improved from 20.4% to 33.1%.

汽車毛利率（不含碳權等 credits）較前一季由 16.3% 提升至 18.1%。毛利率改善主要由亞太地區（APAC）交付占比提高所帶動。雖然大宗商品價格上漲與利率變動仍持續推升成本並帶來逆風，我們已調整車輛融資方案，以部分抵銷相關成本。在能源業務方面，我們本季部署了 13.7 GWh 的儲能，為史上第二佳季度表現。能源毛利率由 20.4% 提升至 33.1%。

The sequential margin improvement is primarily attributed to tariff refunds recognized in the quarter and warranty true-downs resulting from alignment with our vendor on certain cell-related costs to be reimbursed by them. As Elon said, the business is witnessing extreme demand from data centers, and we are doing our best to increase production. And accordingly, we'll see improvements in ASP and further improvements in margins as we move forward. Services and other margins improved sequentially from 14.1% to 15.9%, an all-time high. This was the result of strength across service across several of the businesses in services and other, including supercharging and insurance.

毛利率的季增主要歸因於本季認列的關稅退稅，以及保固準備金回沖（true-down），其原因是我們與供應商就某些電芯相關成本達成一致，將由對方予以補償。如 Elon 所說，該業務正面臨來自資料中心的極端強勁需求，我們正盡最大努力提升產量。因此，隨著我們持續推進，ASP（平均售價）將改善，毛利率也將進一步提升。「服務與其他」毛利率較前一季由 14.1% 提升至 15.9%，創歷史新高。這主要來自「服務與其他」多項業務的整體強勁表現，包括超級充電與保險。

The robotaxi business, which is part of services and others, continued to grow with the launch of Cybercab's rights in Austin. Accumulative unsupervised miles 8 times in the quarter as we had weekly double-digit growth throughout the quarter. We're taking all the learnings from our Austin expansion to help us prepare for broader Cybercab launch in other markets. Our priority is progressing the density and expansion of the network through vehicles that provide the best experience like the Cybercab, we will also continue to augment the fleet with other variants over time to address the terrestrial transportation needs of the total population.

屬於「服務與其他」的一部分之 robotaxi 業務，隨著在奧斯汀推出 Cybercab 的營運權而持續成長。本季累計的無人監督里程數成長了 8 倍，因為整個季度我們每週都維持兩位數成長。我們正把奧斯汀擴張的所有經驗，運用在為未來於其他市場更廣泛的 Cybercab 上線做準備。我們的優先事項是透過能提供最佳體驗的車輛（如 Cybercab）來提升網路密度並擴張；同時也會隨時間推進，以其他車型變體擴充車隊，以滿足全體人口在地面運輸上的需求。

I'd like to stress that what we are trying to do is literally take over every part of terrestrial transportation, not just getting people we're starting with getting people from one place to the other, but we want to basically own this transportation of any kind on earth.

我想強調的是，我們想做的事情，字面上就是接管地面運輸的每一個環節，不只是載人——我們從把人從一個地方送到另一個地方開始，但我們基本上希望擁有地球上任何形式的運輸。

We are in a huge investment cycle to set us up for the future. Therefore, as previously guided, operating expenses continue to increase sequentially. Most of the increase came from significant research and development-related activities, including SI development costs such as depreciation from additional compute, chip development and preproduction ramp costs for new products like the Optimus, Megapack 3 and Semi truck. This trend of growing OpEx would continue until we commercialize these new products.

我們正處於一個龐大的投資週期，以為未來做好準備。因此，如先前指引所述，營業費用（OpEx）持續按季增加。增幅主要來自大量研發相關活動，包括 SI 開發成本，例如新增運算資源帶來的折舊、晶片開發，以及像 Optimus、Megapack 3 與 Semi 卡車等新產品的量產前爬坡成本。在我們將這些新產品商業化之前，OpEx 成長的趨勢將會持續。

Net income was impacted from a mark-to-market reduction of our SpaceX holding of $142 million, which was offset by a Bitcoin mark-to-market gain of approximately $290 million. We continued our efforts to manage cash efficiently and responsibly. We ended the quarter with positive free cash flow of over $1.5 billion and an overall cash and investment balance of over $45 billion. We're revising our CapEx guidance to be approximately $20 billion for the current year as a result of managing our capital deployment efficiently and plan to fund it primarily from our cash flows from operations. Additionally, during the quarter, we secured capacity to borrow up to $30 billion to support the expected growth in CapEx.

淨利受到我們持有的 SpaceX 股權按市價評價（mark-to-market）減少 1.42 億美元的影響，但部分被比特幣按市價評價約 2.90 億美元的收益所抵銷。我們持續努力以高效率且負責任的方式管理現金。本季結束時，自由現金流為正，超過 15 億美元，整體現金與投資餘額超過 450 億美元。由於我們有效率地管理資本投放，我們將本年度的資本支出（CapEx）指引修正為約 200 億美元，並計畫主要以營運現金流來支應。此外，本季我們也取得最高可借款 300 億美元的額度，以支援預期的 CapEx 成長。

Our confidence in the cash generation capacity of our business and the investments we are making drove our belief to secure shorter-term financing. We don't plan to make any draws under any of the new facilities in this calendar year.

我們對業務的現金創造能力以及正在進行的投資充滿信心，因此促使我們相信有必要取得較短期的融資。我們不計畫在本曆年內動用任何新的融資額度。

The money that we received from the tariff refunds is being reinvested to expand production capacity in the U.S. I'd like to stress on this that we like to do a lot of hardcore real grunt work to get production facilities up and running. And so our CapEx for the next few years would continue to expand as we add more robotaxi fleet, we expand our production capacity for Optimus, install manufacturing capacity for solar, purchase additional SI compute infrastructure and build a semiconductor fab. This strategy will position the company for the next era of growth and disrupt many existing markets while creating new ones.

我們從關稅退稅收到的資金，正被再投資用於擴大美國的產能。我想在這點上強調，我們喜歡做大量艱苦、扎實的基礎工作，讓生產設施能夠建置完成並投入運轉。因此，未來幾年的 CapEx 仍將持續擴張，因為我們會增加更多 robotaxi 車隊、擴大 Optimus 的產能、建置太陽能製造產能、採購更多 SI 運算基礎設施，並興建一座半導體晶圓廠。這項策略將使公司為下一個成長時代做好定位，在創造新市場的同時，也將顛覆許多既有市場。

This is by far the most exciting time to be at Tesla. The foundation being laid around autonomy, robotics and energy is setting us up for an extremely bright future. I would like to end by thanking the Tesla team, our customers, investors and suppliers for their confidence in us on this journey.

到目前為止，現在是在特斯拉最令人振奮的時刻。我們在自動駕駛、機器人與能源方面所奠定的基礎，正讓我們邁向極其光明的未來。最後，我想感謝特斯拉團隊、我們的客戶、投資人與供應商，在這段旅程中對我們的信心。

Fantastic. Thank you, Vaibhav. Now we're going to go to questions from say.com.

太棒了。謝謝你，Vaibhav。接下來我們要進入來自 say.com 的提問。

The first question is, how does the Cybercab fleet scale past Austin? And what's the regulatory path outside Texas given NHTSA's Open Safety Review?

第一個問題是，Cybercab 車隊如何在奧斯汀以外擴張規模？在 NHTSA 的 Open Safety Review（公開安全審查）背景下，德州以外的法規推進路徑是什麼？

Ashok, do you want to take that?

Ashok，你要回答這題嗎？

Yeah, I'll start here. First of all, we launched Cybercab this quarter, which is very exciting. We achieved that by mostly learning from data from the other vehicle platforms, for example, Model Y, Model 3, et cetera. All of the data helped make the Cybercab without requiring a ridiculous amount of vehicles to produce the data.

好，我先開始。首先，我們在本季推出了 Cybercab，這非常令人興奮。我們主要是透過學習其他車款平台的數據來達成，例如 Model Y、Model 3 等等。這些數據幫助我們打造 Cybercab，而不需要用荒謬數量的車輛來產生數據。

So we are seeing very good scaling in terms of Cybercab's AI capabilities. We launched in Austin, but that's only because we had some cabs and we want to swam Austin with Cybercab everywhere. But there's no fundamental reason that we are limited to Austin. In fact, next month, we'll be launching in Dallas and then the same software just scaled to lots of other cities along with the Model Y robotaxis.

因此，就 Cybercab 的 AI 能力而言，我們看到非常好的可擴展性。我們在奧斯汀上線，但那只是因為我們在那裡有一些車，而且我們想讓 Cybercab 在奧斯汀到處都是。但從根本上來說，我們並沒有被限制在奧斯汀。事實上，下個月我們會在達拉斯上線，接著同一套軟體也會隨著 Model Y 機器人計程車一起擴展到許多其他城市。

Great. Thanks very much. The next question is, what are your thoughts on crowdsourcing training data for Optimus versus your internal Optimus Academy approach? Is data currently the primary bottleneck? I think you covered this quite a bit, but any other color there?

很好。非常感謝。下一個問題是，你們如何看待為 Optimus 眾包訓練數據，相較於你們內部的 Optimus Academy 方法？目前數據是主要瓶頸嗎？我想你們已經談了不少，但還有沒有其他補充？

I mostly talked about this already, but it's not crowdsourcing, is not the issue for Optimus. There's a lot of things we have to get right about the AI architecture that we're still working on. We're making good progress, but that needs to be sorted out. And really, in order for Optimus to get the training data we need, we actually need to make a lot of Optimi. So we need to make, I think, on the order of 10,000 or 20,000 bots and then have them do self-play and we're building up an Optimus Academy where Optimus can practice doing a very wide range of tasks.

我大多已經談過了，但對 Optimus 來說，問題不在於眾包。我們在 AI 架構上還有很多事情必須做對，這部分我們仍在努力。我們進展良好，但這些需要先理順。而且，為了讓 Optimus 取得我們需要的訓練數據，我們其實需要製造大量的 Optimus。所以我們需要大概 10,000 或 20,000 台機器人，然後讓它們進行自我對弈（self-play），同時我們正在建立一個 Optimus Academy，讓 Optimus 能夠練習非常廣泛的任務。

And then we can use that data in sort of a flywheel to make it better and better at these various tasks. A big difference with Optimus versus the cars is we don't have this vast fleet of cars from which we can gather training data. So with Optimus, we have to bootstrap it by making the robots and having them do self-play, which is really how a human learns to navigate the world. That's you can see this when you have a toddler and they grow up and they initially, they sort of wobbly and they don't know how to do things and eventually, they learn to wipe their own ass, which is a big milestone as anyone has had kids. And then they learn to read and do all sorts of things and be able to do these things.

接著我們可以把這些數據用在某種「飛輪」循環中，讓它在各種任務上變得越來越好。Optimus 與汽車的一個重大差異是：我們沒有龐大的車隊可以用來蒐集訓練數據。因此對 Optimus 而言，我們必須透過製造機器人並讓它們自我對弈來啟動（bootstrap）這個系統，這其實也很像人類學習如何在世界中行動的方式。你可以在幼兒身上看到：他們一開始搖搖晃晃、不知道怎麼做事，最後會學會自己擦屁股——對任何有小孩的人來說，這是一個重要里程碑。然後他們學會閱讀與各種事情，並能夠完成這些事。

And they learn this by playing. And we actually need Optimus to play at scale in order to have it be really good at tasks in the real world.

而他們是透過玩耍來學會的。我們其實需要 Optimus 以大規模的方式「玩」，才能讓它在真實世界的任務上表現得非常好。

And Ashok, you may want to add to that.

Ashok，你也許可以補充一下。

Yeah, Like I mentioned, Elon, for the car, we actually have the data from the car's embodiment itself. But for Optimus, there's no exoskeleton fulfillment for humans to get into and like make Optimus into a puppet or something like that. Like we have to learn Optimus has to learn by watching other people do task initially and then start practicing the task yourself. For example, you can -- if you're watching a soccer game, just because you're watching, it doesn't mean you'll be good at soccer yourself.

對，就像我提到的，Elon，對汽車而言，我們其實有來自車輛本體（embodiment）本身的數據。但對 Optimus 而言，並沒有一個給人類穿上的外骨骼，讓人可以進去把 Optimus 當成木偶那樣操控。Optimus 必須先透過觀察其他人做任務來學習，然後再開始自己練習這些任務。例如，你看一場足球比賽，光是看並不代表你自己就會踢得很好。

You've got to like start practicing and get good at the game and learn from the bot's own experience. And we are setting up this huge reinforcement learning cycle with initial base training done from humans to bootstrap and then put it on Optimus and do a lot of self-play both in simulation and in the real world to learn on the embodiment of Optimus itself. I think we're pretty close to having very good results in this big loop.

你必須開始練習、把球技練好，並從機器人自身的經驗中學習。我們正在建立一個大型的強化學習循環：先用人類做初始基礎訓練來啟動，然後部署到 Optimus 上，並在模擬與真實世界中進行大量自我對弈，讓它在 Optimus 自身的本體上學習。我認為我們距離在這個大循環中取得非常好的結果已經很接近了。

Yeah, I think we may be ready to release like an Optimus video in a month or so. I want to make sure that like when we release this video that it's not like a canned demo that like when you see these robot, humanoid robot demonstrations, some of them look very impressive, but they're not really using any kind of advanced AI or SI. I mean they're like preprogrammed deterministic tasks. And if you actually try to use that humanoid robot in the real world, you would have a lot of trouble.

對，我想我們可能在一個月左右就準備好釋出一支 Optimus 影片。我想確保我們釋出的影片不是那種「罐頭式」展示；你看到一些機器人、人形機器人的示範，有些看起來很厲害，但其實並沒有使用任何先進的 AI 或所謂的 SI。我的意思是，它們只是預先編程的、確定性的任務。而如果你真的嘗試把那種人形機器人用在真實世界，你會遇到很多麻煩。

It wouldn't work basically. So I want to release a video that's where it's Optimus doing things that are not preprogrammed. And I think that would be it's maybe a month or two for that to have a demo that you can believe what you see type of thing.

基本上是行不通的。所以我想釋出一支影片，內容是 Optimus 在做一些不是預先編程的事情。我認為那會是——大概再一到兩個月——能做出一個讓你「眼見為憑」的示範。

And then there's another milestone that's, I think, important we want to get to, which is to integrate our the Tesla AI5 chip into Optimus, which if things go according to plan, will be in approximately April of next year. And that's a giant improvement in capability with an order of magnitude more sort of more operations per second. Like it's an order of magnitude more compute, AI5 versus AI4. And that will help Optimus a lot because the degrees of freedom that a human robot has to deal with are far greater than what a car has deal with. So it is a bit of a struggle to squeeze the everything needed to operate with all the degrees of freedom of Optimus and the wide range of tasks.

另外還有一個我認為很重要、我們想達成的里程碑：把特斯拉的 AI5 晶片整合進 Optimus；如果一切按計畫進行，大約會在明年四月左右。那會帶來能力上的巨大提升，運算能力（每秒運算量）大約提升一個數量級。也就是 AI5 相較 AI4，大約是一個數量級的算力提升。這會對 Optimus 幫助很大，因為人形機器人需要處理的自由度遠高於汽車。因此，要把操作 Optimus 所需的一切——涵蓋所有自由度與廣泛任務——都塞進去，確實有點吃力。

can you think of like a human robot is going to do like 1,000 times more things than a car would do. That's some very big number basically.

你可以這樣想：人形機器人要做的事情，可能會是汽車要做的 1,000 倍。基本上就是非常巨大的數字。

So I think the additional compute of AI5 will make a big difference, and that comes in, hopefully in volume around April of next year. And that's why I think like all the pieces like the refinements in electromechanical dexterity, making sure Optimus can operate for long periods of time without wearing out, getting the AI software right and the AI5 chip integrated. All of these things kind of come together. That's why I think about a year from now is when it's something that would be -- that you could ship to customers. And it would also be reaching scale in production.

所以我認為 AI5 額外的算力會帶來很大的差異，而它希望能在明年四月左右開始量產。這也是為什麼我覺得所有拼圖——例如機電靈巧度的精進、確保 Optimus 能長時間運作而不磨損、把 AI 軟體做好，以及整合 AI5 晶片——都會在那個時間點匯聚。這些事情會一起到位。因此我認為大約一年後，它就會成為——你可以交付給客戶的產品。同時也會在生產上達到規模化。

So that's probably the right timing to think about. In terms of the initial customers for Optimus, I think it probably would be things that are industrial applications at first, things that are like dangerous repetitive tasks, things that people really don't want to do. So and that you want done basically 24/7. So like around-the-clock stuff. That's going to be the highest value for Optimus in the beginning.

所以這大概是思考時機點的正確時間。就 Optimus 的初期客戶而言，我認為一開始很可能會是工業應用，例如危險且重複性的工作，是人們真的不想做的那種。而且你會希望基本上 24/7 都能完成。也就是全天候的事情。這在一開始會是 Optimus 最高價值的用途。

As we scale production, of course, it would be something that people can buy for their home. But the initial high-value use will be the highest value use, I think, will be kind of heavy industry dangerous tasks or things that may cause repetitive stress injuries and that you want done 24/7. So that's the way to think about it.

當我們擴大產量時，當然，它也會成為人們可以買回家用的東西。但初期的高價值用途——我認為最高價值的用途——會是偏重工業的危險任務，或是可能造成重複性壓力傷害、且你希望 24/7 完成的工作。所以可以用這種方式來思考。

Great. Thank you, guys. The next question is very similar. It's about Optimus scaling, so we can go past that.

很好。謝謝各位。下一個問題非常類似。是關於 Optimus 的擴產，所以我們可以略過。

I just answer that one basically.

我基本上剛才已經回答了那個。

And the next question is, when can we anticipate FSD unsupervised in customer cars?

下一個問題是：我們何時可以預期在客戶車輛上推出無需監督的 FSD？

Ashok, do you want to kick that off?

Ashok，你要先開頭回答嗎？

Yes. Like I mentioned earlier, the software for Cybercabs and Model Y is the same, like and pretty soon, we'll be able to release the same software as part of the V15 release to customers. So the only additional requirement is to make sure that, for example, the customer model-wise can be part of the geofences and the fleet management that Tesla has for it to be fully autonomous. We suspect somewhere around Q2 next year is when we can turn on some of the first customer vehicles to be part of the robotaxi fleet.

是的。如我先前提到的，Cybercab 和 Model Y 的軟體是相同的，而且很快我們就能把同樣的軟體作為 V15 版本的一部分釋出給客戶。所以唯一額外的要求，是要確保例如在客戶車型層面能納入地理圍欄（geofences）以及特斯拉的車隊管理，才能達到完全自動化。我們推測大約在明年第二季左右，就能啟用部分首批客戶車輛，讓它們成為 robotaxi 車隊的一部分。

Great. Thank you, Ashok. The next question is, when will the Cybercab be available for customer purchase/ownership?

很好。謝謝你，Ashok。下一個問題是：Cybercab 何時會開放客戶購買／擁有？

Lars, did you want to kick this one off?

Lars，你要先回答這題嗎？

Sure. Thanks, Travis. I think it builds a little bit on what Ashok just said. But in short, we're trying to get Cybercabs to customers by the end of this year, 2026. Obviously, we're producing them in our line in Texas, but all of those are currently going to our own internal robotaxi fleet.

當然。謝謝你，Travis。我想這多少延續了 Ashok 剛才說的內容。簡而言之，我們希望在今年年底，也就是 2026 年底前，把 Cybercab 交付給客戶。顯然我們在德州的產線生產它們，但目前這些車都會先投入我們自有的內部 robotaxi 車隊。

And as Tesla grows, we'll mainly deliver fully designed autonomous vehicles to our customers. And Cybercab will be the first. And so as we start small this year, and we learn about all the things Ashok mentioned about delivery and ownership and fleet management of autonomous vehicles in customer hands, we'll continue to scale that. Elon, I don't know if there's anything you want to add to that?

隨著特斯拉成長，我們主要會向客戶交付完整設計、可自動駕駛的車輛。而 Cybercab 會是第一款。因此，當我們今年先從小規模開始，並學習 Ashok 提到的所有關於交付、所有權，以及客戶手上自動駕駛車輛的車隊管理等事項後，我們會持續擴大規模。Elon，我不確定你是否想補充什麼？

No. I mean Cybercab is primarily going to be something that is offered as like transport as a service whereas our other cars would be more the cars that you'd want to own like the three and the Y and whatnot and the roads are obviously. But the vast majority of the Cybercab stuff will be essentially Tesla-owned and Transport-as-a-Service.

沒有。我的意思是，Cybercab 主要會以「運輸即服務」（Transport as a Service）的形式提供；而我們其他車款則更像是你會想擁有的車，例如 3、Y 之類的，還有其他車款。但絕大多數的 Cybercab 會基本上由特斯拉持有，並以「運輸即服務」方式營運。

Great. Thanks, Lars. The next two questions are quite similar around unit economic costs. The first one is on per paid robotaxi mile. And the second one is cost per Optimus unit.

很好。謝謝你，Lars。接下來兩個問題都很相似，都是關於單位經濟成本。第一個是每一英里付費 robotaxi 的成本。第二個是每台 Optimus 的成本。

And we already covered what are the first customer paying customer looks like. So, VT, did you want to Vaibhav, did you want to get into the unit economics question here?

而我們已經談過第一批付費客戶會是什麼樣子。所以，VT——Vaibhav，你要在這裡談談單位經濟的問題嗎？

Yes. So on the robotaxi side, the main geographies where we are operating, we're already seeing utilization improving. And week by week, as Elon was talking about, we look at the miles and how many paid rides are happening. So are we at our goal of $0.30 today? No.

好的。在 robotaxi 方面，我們營運的主要地區已經看到使用率在提升。而且每週我們都會像 Elon 說的那樣，查看里程以及發生了多少次付費乘車。所以我們今天達到每英里 0.30 美元的目標了嗎？沒有。

But do we see a path to get to that? Very. Yes, we do. And it's all about scaling operations. And what you'll see over the next few months is that we today, Cybercab, which is the primary robotaxi product is available only in Austin.

但我們是否看到達到該目標的路徑？非常明確，是的，我們看得到。關鍵在於擴大營運規模。而你在接下來幾個月會看到的是：目前 Cybercab（也就是主要的 robotaxi 產品）只在奧斯汀提供。

But we do plan to bring it out in some other cities before the end of this year. And as we add more Cybercabs, we are also learning from the operational experience of managing a fleet, pickup and drop off, cleaning, all those things. So all those costs are being dialed in. And that's why, like I said before, we definitely see a path to get to our $0.30 target.

但我們確實計畫在今年年底前把它推到其他一些城市。而隨著我們增加更多 Cybercab，我們也在從管理車隊、接送、清潔等營運經驗中學習。因此這些成本都在逐步調整到位。這也是為什麼，如我先前所說，我們確實看到達到每英里 0.30 美元目標的路徑。

And then did you want to cover the Optimus costs?

那你要再談談 Optimus 的成本嗎？

Yes. I mean I think Optimus cost, internally, we are tracking pretty well in terms of how the design has matured. But it would be a little too early to say that we have got there because like Elon was saying, we're still making a lot of design iterations. The good thing is when you look at it from a cost perspective, we're trending closer to where we would say our Cybercab costs would end up being.

好的。我的意思是，就 Optimus 成本而言，內部在追蹤設計成熟度方面，我們做得相當不錯。但現在就說我們已經達到目標還太早，因為如 Elon 所說，我們仍在進行大量設計迭代。好消息是，從成本角度來看，我們的趨勢正逐步接近我們認為 Cybercab 成本最終會落在的水準。

Yes.

是的。

Great. Thank you very much, Vaibhav. The next question is, when do you we've kind of already answered this. When do you anticipate Optimus will be generating revenue? So we covered that in the prior question.

很好。非常感謝你，Vaibhav。下一個問題是：你們何時——我們其實已經回答過了。你們預期 Optimus 何時會開始產生營收？所以我們在前一題已經涵蓋了。

The next one is mapping for FSD continues to be a problem. The three biggest issues are recognizing proper speed limits, parking and typical routes. I understand you use various third-party maps, but why not use your own maps? Authorized trusted and verified Tesla owners to provide the input.

下一題是：FSD 的地圖（mapping）仍然是一個問題。三個最大的問題是辨識正確速限、停車，以及常見路線。我理解你們使用各種第三方地圖，但為什麼不使用你們自己的地圖？授權可信且經驗證的特斯拉車主來提供輸入。

Ashok, did you want to kick off here?

Ashok，你要先從這裡開始嗎？

Yes. Yes. You're totally right that we shouldn't be depending on external people's maps. So we are building our own maps, but not like the same way as OpenStreetMap. We are building an entirely new architecture with essentially AI-based mapping and navigation.

是的。是的。你說得完全正確，我們不應該依賴外部人士的地圖。所以我們正在建立自己的地圖，但不是像 OpenStreetMap 那種方式。我們正在打造一個全新的架構，本質上是以 AI 為基礎的製圖與導航。

It's going to be super awesome. It's going to be integrated with voice. You can like talk to it, ask for different routes. It's going to learn your personalized preferences, plus also the fleet preferences. The collective intelligence of all the cars are going to flow into making the maps and navigation be super cool.

它會非常棒。它會與語音整合。你可以跟它對話，要求不同路線。它會學習你的個人化偏好，也會學習整個車隊的偏好。所有車輛的集體智慧都會匯入，讓地圖與導航變得非常酷。

We'll start -- you'll see the start and end of trips already use this technology pretty soon as part of the V15 release. And over the next several months, it's just going to take over all of the navigation functions, parking, destination handling. And just we'll know you better than you know yourself in some regard for the driving task, and I handle it fully.

我們會先從這裡開始——你很快就會看到，行程的開始與結束已經會在 V15 版本釋出中採用這項技術。而在接下來幾個月內，它將逐步接管所有導航功能、停車、目的地處理。而且在某種程度上，就駕駛任務而言，我們會比你自己更了解你，並且我會完全處理。

Great. Thank you, Ashok. And then our last question is, what is the current production rate at your existing factories? Do you anticipate building new ones? Lars, do you want to kick that off?

很好。謝謝你，Ashok。接著我們最後一個問題是：你們現有工廠目前的產能（生產速率）是多少？你們是否預期會興建新的工廠？Lars，你要先開場嗎？

Yes, sure. I think Vaibhav kind of touched a little bit on this in his opening remarks. And I'll say our factories are operating at record rates this quarter. And of course, they can only build at the rate of at least like you process or component. And Vaibhav mentioned that we are actively managing all the aspects of production.

好的，當然。我想 Vaibhav 在開場致詞時已稍微提到這點。我會說，我們的工廠在本季以創紀錄的速度運轉。當然，它們的產出只能受限於最慢的製程或零組件供應。而 Vaibhav 提到，我們正在積極管理生產的各個面向。

As we've spoken in our past calls, we've made strategic investments globally to increase rates of our current factories over the last year plus. And this quarter, we are starting to see that, and we expect that to continue in coming quarters as those investments come to fruition.

正如我們在過去的電話會議中提到的，我們在全球進行了策略性投資，在過去一年多提升現有工廠的產能。而在本季，我們開始看到成效，並預期隨著這些投資開花結果，未來幾季會持續改善。

I mean beyond that, we've also are working to ramp Cybercab, obviously, in Giga Texas, and we've applied for proper permits to expand the factories in Berlin. And as also Elon mentioned, we just started our new semi factory in Reno. So in short, we are building new factories, yes, and we're aiming to hit that 5 million goal by 2030, as Elon said.

此外，我們也正在推進 Cybercab 的量產爬坡，顯然是在德州超級工廠（Giga Texas），並且我們已申請必要許可，以擴建柏林的工廠。另外如 Elon 所提到，我們也剛在雷諾啟動新的 Semi 工廠。總之，我們確實正在興建新工廠，並且如 Elon 所說，我們目標是在 2030 年達到 500 萬的目標。

Great. Thank you very much. That's it for the say.com questions. Now we will be going to analyst questions. As a reminder, as Elon said, we will not be addressing any questions today on a potential merger with SpaceX.

很好。非常感謝。以上就是 say.com 的提問。接下來我們將進入分析師提問。提醒一下，如 Elon 所說，我們今天不會回應任何關於與 SpaceX 潛在合併的問題。

With that, the first question comes from Tom from RBC.

那麼，第一個問題來自 RBC 的 Tom。

It's on FSD. So the attach rate, I think according to my math is like 30% to 40% in North America on a paid basis. It's becoming a flywheel, as you said, for more car sales and the attach rate exceeds other automakers subscription-based autonomy by a lot. I guess in a weird way, could you guys be a victim of your own success in seeing other carmakers noting the success and trying to aggressively come up with similar L2+ type products, maybe partnering with NVIDIA or Qualcomm. And if that happens, could that be deflationary for FSD pricing?

問題是關於 FSD。依我計算，在北美以付費方式來看，搭載率大概是 30% 到 40%。如你所說，它正在形成一個飛輪，帶動更多車輛銷售，而且其搭載率遠高於其他車廠以訂閱制提供的自動駕駛。我想用一個有點奇怪的角度問：你們會不會成為自己成功的受害者——看到其他車廠注意到你們的成功，然後積極推出類似的 L2+ 產品，可能與 NVIDIA 或 Qualcomm 合作。如果發生這種情況，會不會對 FSD 的定價造成通縮壓力？

I think people take this thing very simply that you can if the software can't be solved, it's not because, I mean, I'll let Ashok get into it. But basically, it's a very hard problem.

我想很多人把這件事看得很簡單，覺得如果軟體解不出來，那也不是因為——我的意思是，我讓 Ashok 來深入說明。但基本上，這是一個非常困難的問題。

Super hard problem.

超級困難的問題。

Yes, it's easy to get to the first 90% and make like a cool-looking demo. But when you get in the long tail of this problem, it's so long that people don't realize anyone with their same mind should not attempt to solve this problem. It's like so difficult and so long tail. And especially to get to a safety point where you can drive safely for millions of miles with no injuries and so on, that's going to be extremely hard. As we release unsupervised FSD to the broader customer fleet, it's just going to be I don't think anyone can like match it in several years.

是的，做到前 90% 很容易，做出一個看起來很酷的展示也不難。但當你進入這個問題的長尾時，那個長尾長到人們無法想像，大家沒有意識到，任何理性的人都不該嘗試解這個問題。它真的非常困難，而且長尾極長。尤其要達到安全水準，能夠安全行駛數百萬英里而零傷害等等，那將會極其困難。當我們把無需監督的 FSD 推向更廣泛的客戶車隊時，我認為在好幾年內都不會有人能匹敵。

And one other thing which I'll say, if it wasn't clear that when especially in our showrooms here in the U.S., customers are now coming in and saying, can we get into an FSD drive? They're not asking for 3Y or Cyber truck. They're saying, can we get an FSD drive? And that has become the key driver because what it does is it actually opens up a lot more flexibility for different parts of the population wherein they had issues driving conveniently before. Now they're getting their freedom back by being able to use FSD.

另外我還想補充一點，如果之前不夠清楚的話：特別是在我們美國這邊的展示中心，客戶現在走進來會說：我們可以試乘一次 FSD 嗎？他們不是在問 3/Y 或 Cybertruck。他們是在問：我們可以試乘一次 FSD 嗎？而這已經成為關鍵驅動因素，因為它實際上為不同族群帶來更大的彈性——過去他們在便利駕駛上有困難。現在他們能透過使用 FSD 重新獲得自由。

And a lot of folks are just like -- I mean, it's a game changer. I mean if you haven't tried it, I keep saying it every time, if you do it, you won't be able to go back to driving any other car.

而很多人就是——我的意思是，這是改變遊戲規則的。我每次都在說，如果你還沒試過，一旦你試了，你就再也回不去開其他車了。

Tom, do you have a follow-up?

Tom，你有追問嗎？

Yes. Follow-up is similar to that question on China. I mean there, it seems like autonomy is like table stakes. Is it the same kind of answer that question one that they're not going to be able those carmakers aren't going to be able to develop similar products that you guys have had on FSD? Or do you see there that being definitely a different pricing dynamic?

有。追問跟中國那題類似。我的意思是，在那邊自動駕駛似乎已經是基本門檻（table stakes）。你們的回答是否也是同樣的意思：那些車廠無法開發出你們在 FSD 上已經做到的類似產品？或者你們認為那邊的定價動態肯定會不同？

I mean, at the beginning, like definitely, the leapfrog which we have in terms of this technology isn't there with any of the other Chinese OEMs today. And like we're working very diligently to try and get broader -- I mean, FSD approval in China. it is hard, but for certain cars, we have been able to have FSD operating. And whatever people have tried whoever has tried it there, they understand how much better it is as compared to any of the competition. And in fact, I don't know if you've seen this, there have been some competitor CEOs who have come and done FSD drives here in the US, and they themselves have been blown up as to what FSD is capable of doing.

我的意思是，一開始可以很明確地說，就這項技術而言，我們所擁有的領先幅度，今天任何其他中國 OEM 都沒有。而且我們正非常努力地推進——我是說，在中國取得更廣泛的 FSD 核准。這很難，但針對某些車款，我們已經能讓 FSD 運作。而且不管是誰在那邊試過的人，都理解它相較任何競品好得多。事實上，我不知道你是否看過，有些競爭對手的 CEO 來到美國這裡試乘 FSD，他們自己也對 FSD 能做到的事情感到震撼。

So it is a similar answer.

所以答案是類似的。

And again, we're not taking it lightly. We're actively working with the regulators in China because I don't know if you saw this, but we did release our we've released our safety report on FSD before. but we've also released our unsupervised robotaxi safety report. We just think this is the right way to get people into a safe environment because you know the amount of accidents which happen because of driver drivers not being alert. And this is the only way we can ensure that there are less casualties in the world and any regulator who looks at the data, it would be very hard for them to refute it.

而且我們並沒有掉以輕心。我們正積極與中國監管機構合作，因為我不知道你是否看過，我們之前已發布過 FSD 的安全報告。但我們也發布了無需監督的 robotaxi 安全報告。我們認為這是讓人們進入安全環境的正確方式，因為你知道，很多事故是因為駕駛者不夠警覺所造成。而這是我們能確保全球傷亡更少的唯一方式；任何監管者只要看過數據，都很難反駁。

Our next question comes from Emmanuel from Wolfe.

下一個問題來自 Wolfe 的 Emmanuel。

So on robotaxi, you've talked about sustaining double-digit week-over-week growth in unsupervised miles. I'm curious if there's a way you can triangulate that for us into revenue and maybe profitability of the robotaxi business. If you sustain, let's say, 15% week-over-week growth in these miles, you'll probably cross 10 million miles by the end of the year. How many of those how many miles would you need to generate gross profit?

關於 robotaxi，你們談到無需監督里程能維持每週雙位數的成長。我想知道，你們是否能把這個數字換算（交叉驗證）成營收，甚至是 robotaxi 業務的獲利能力。如果你們能維持例如每週 15% 的里程成長，到年底你們可能會突破 1,000 萬英里。你們需要其中多少英里才能產生毛利？

I mean -- so I think Elon talked about this a little bit at the beginning that using exponential math, this would become a significant part of our revenue and profitability in '27.

我的意思是——所以我認為 Elon 在一開始有稍微談到，用指數數學來看，到了 27 年，這會成為我們營收與獲利能力中相當重要的一部分。

Yes. I wouldn't say it's not like going to move the needle this quarter. But if you say like maybe -- I think it starts to become noticeable probably in Q2 and then probably a big deal by Q3 or Q4 of next year.

是的。我不會說它會在這一季就帶來顯著影響。但如果你說像是——我認為大概在明年第二季開始會變得可感，然後到明年第三季或第四季可能就會變成一件大事。

Exactly.

沒錯。

Got it. And then if I think about it in terms of fleet size, so I think your Cybercab line capacity is listed at more than 125,000 units a year. Production just recently started. How do you expect the ramp-up curve to be on the Cybercab line?

了解。那如果我從車隊規模的角度來想，我看到你們的 Cybercab 產線產能標示為每年超過 125,000 輛。最近才剛開始生產。你們預期 Cybercab 產線的爬坡曲線會是怎樣？

I mean I'll kick it off, but then I'll also let Lars chime in. But I would give kudos to the engineering team. They have designed a product because not only do I talk to the engineers, I also talk to the manufacturing guys. They think this is one of the easiest product for them to scale in terms of manufacturing. So scaling would not be that much of a challenge.

我的意思是我先開個頭，然後也讓 Lars 補充。但我要稱讚工程團隊。他們設計了一個產品，因為我不只跟工程師聊，我也跟製造端的人聊。他們認為就製造而言，這是他們最容易擴產的產品之一。所以擴產不會是太大的挑戰。

I think the key thing which we're trying to make sure is that we have all the regulatory approvals where we can start deploying the Cybercabs as fast as we can produce them.

我認為我們要確保的關鍵是，我們已取得所有法規核准，讓我們能以最快速度把 Cybercab 部署出去，跟上我們能生產的速度。

And again, Lars, feel free to chime in.

同樣地，Lars，歡迎你補充。

Yeah. Thanks, Vaibhav. I appreciate the accolades. The team definitely crushed it on the Cybercab design and manufacturing. Just to your point, we have 50% less parts than any other vehicle we've ever built.

是的，謝謝你，Vaibhav。我很感謝這些稱讚。團隊在 Cybercab 的設計與製造上確實做得非常出色。就像你提到的，我們的零件數比我們過去打造過的任何一款車都少 50%。

So that's 50% less things to go wrong. We've definitely been bursting the Cybercab line to see how fast we can run it. I think the listed capacity is more of a rate at which we're capable of running today, but the actual capacity of that vehicle line is significantly higher.

所以出錯的東西也少了 50%。我們確實一直在把 Cybercab 產線推到極限，看看能跑多快。我認為標示的產能比較像是我們今天就能達到的運轉速率，但這條車輛產線的實際產能顯著更高。

Right now, we're building at the rate that the robotaxi service needs the vehicles. And I'll say Ashok and I are at a bit of a race, who's going to stay ahead. He's got exponential growth coming on the miles month-over-month, and we're going to look to meet that as well with the vehicle production.

目前我們的生產速度是依照 robotaxi 服務對車輛的需求來建造。我會說 Ashok 跟我有點像在比賽，看誰能保持領先。他的里程數月對月呈指數成長，而我們也會透過車輛產量來努力跟上。

Andrew, Morgan Stanley.

Andrew，Morgan Stanley。

So I want to start on your energy business. You're clearly seeing a lot of demand on the energy storage or Megapack side, and you've got some goals to bring on your own solar manufacturing. But I was just hoping to get a little bit more insight in terms of how you're thinking about Tesla's role in enabling both distributed power, but also distributed compute. I think last quarter, you alluded to a Megapack product. So just hoping to get a little bit more insight in terms of what you're envisioning there and ultimately, how big this could be for Tesla?

我想先從你們的能源業務談起。你們顯然在儲能、也就是 Megapack 這一端看到很強的需求，而且你們也有目標要導入自有的太陽能製造。但我希望能更深入了解，你們如何看待 Tesla 在促成分散式電力、以及分散式運算方面所扮演的角色。我記得上季你們提到一個 Megapack 產品。所以想請你們多分享一下你們對此的構想，以及最終這對 Tesla 可能有多大？

I think it's still early days on that front. We don't know the full extent of how -- what that will how that will unfold. I think we'll have a better sense for that probably in maybe end of Q1 or Q2. But it does have a lot of potential. It's just hard to say how much potential right now.

我認為在那方面仍屬於早期階段。我們還不知道它會如何——也就是它將如何發展的全貌。我想我們可能在第一季末或第二季會更有感覺。但它確實有很大的潛力。只是現在很難說到底有多大。

Okay. Understood. And then maybe just a follow-up on robotaxi. It does seem like you've kind of hit an inflection point here in Austin over the last month or so since you launched the Cybercab. So would you generally say that the bottlenecks at this point to growth are more regulatory driven as you think about expanding into new geographies and that you've kind of gotten through most of the hurdles on the software side.

好的，了解。那再追問一下 robotaxi。看起來自從你們推出 Cybercab 之後，過去一個月左右在奧斯汀似乎已經到了一個拐點。所以你們一般會說，目前成長的瓶頸更多是法規驅動（例如擴展到新的地理區域），而你們在軟體端大多數的障礙已經跨過了嗎？

Just kind of curious how you would generally kind of categorize some of those growth hurdles in some of the incremental regions you're planning on scaling into over the next few months.

我有點好奇，你們會如何大致分類未來幾個月計畫擴張到的新增區域中，這些成長障礙是哪些？

I think the -- I mean, there are still certain software challenges, which we are still working through. Ashok talked about it. So, maybe Ashok, maybe you can.

我認為——我的意思是，仍然有一些軟體挑戰，我們還在持續解決。Ashok 有談到。所以，也許 Ashok，你可以——

I'll chime in, yes. For example, we had like initially had the robotaxi service from 6:00 a.m. to 9:00 p.m., and then we expanded to 10:00 p.m., 10 p.m. Now it's going to be pretty soon 2:00 a.m. So we are slowly expanding the availability of robotaxi, and that is driven by the capability of the AI software.

我來補充，是的。例如，我們一開始 robotaxi 服務是從早上 6:00 到晚上 9:00，然後我們擴展到晚上 10:00，10 點。現在很快就會到凌晨 2:00。

And we just want to make sure that there's not a single safety incident. That is our operating principle. And even if there's the slightest possible risk at all, we don't like take on that risk. And so we are very risk averse in that sense as we want zero injuries or anything bad happening, and that is the driving principle. And we will see that over the rest of this year, we'll unlock 24/7 operation, go to higher speed roads.

而且我們只想確保不會發生任何一件安全事件。這是我們的營運原則。即使只有一點點可能的風險，我們也不願意承擔那個風險。所以在這個意義上我們非常風險趨避，因為我們希望零受傷、零任何不好的事情發生，這就是驅動原則。而在今年剩下的時間裡，我們會逐步解鎖 24/7 運行、上更高速的道路。

And we think all of that is necessary to sort of like scale and offer a great product to a lot of users. And that's why we wanted to both do the breadth first of doing multiple cities.

我們認為這些都是擴張規模、並向大量使用者提供優質產品所必需的。這也是為什麼我們想同時採取「廣度優先」去做多個城市。

We did -- we do six cities now. We are also doing the depth of like having a lot of vehicles in a single city, which is in Austin, and we'll expand to more weather conditions, day and night conditions highways and high speeds. And all of that will be done hopefully by the end of this year, at which point you will see a lot more scaling, a lot more cities being covered by robotaxi. So it's not purely regulatory or something like that. It is technology driven, but we do see that pretty quickly become regulatory perhaps in the Q1, Q2 time frames.

我們——我們現在做了六個城市。我們也在做「深度」，也就是在單一城市投入大量車輛，這個城市就是奧斯汀；並且會擴展到更多天候條件、日夜條件、高速公路與更高速度。希望在今年年底前把這些都完成，屆時你會看到更大規模的擴張、更多城市被 robotaxi 覆蓋。所以它不完全是法規或類似因素。它是技術驅動的，但我們也看到它可能很快在第一季、第二季的時間框架內轉而主要受法規所限制。

Great. The next question is going to come from Edison from Deutsche Bank.

很好。下一個問題來自德意志銀行的 Edison。

First, I wanted to ask about Terafab. I know, Elon, you mentioned that you had an aspirational goal of 2Q '28. Do you have a sense on how much capital needs to be invested to get there? And also what kind of milestones we should be on the lookout for on the way there?

首先我想問 Terafab。我知道，Elon，你提到你們有一個理想目標是 28 年第二季。你是否能估計要達到那個目標需要投入多少資本？另外，在達成之前，我們應該關注哪些里程碑？

Well, it's going to be some pretty significant capital. It's certainly in the tens of billions for Terafab. Although we've got to figure out like what the sort of relative split is between SpaceX and Tesla in terms of who pays for what at Terafab. But it's not going to be less than tens of billions in capital equipment up through early 2028. And then it will be -- it will probably be north of $100 billion long term.

嗯，這會需要相當可觀的資本。Terafab 肯定是數百億美元等級。雖然我們還得釐清在 Terafab 上，SpaceX 和 Tesla 之間誰負擔哪些項目、相對分攤比例如何。但截至 2028 年初，用於資本設備的投入不會低於數百億美元。然後長期來看——可能會超過 1,000 億美元。

Yes. And I'll just add, the first set of equipment for the fab, which Tesla is building, we've actually already placed most of the orders. And that's why when Elon was talking about middle of next year, that is from the first fab, which...

是的。我再補充一下，特斯拉正在建造的那座晶圓廠（fab）的第一批設備，我們其實已經下了大部分訂單。這也是為什麼伊隆提到明年年中時，那是指第一座晶圓廠的產出，也就是……

The research fab.

研發晶圓廠。

Research fab.

研發晶圓廠。

Yes. That's we're just figuring out how to work the equipment type of thing. But real production would be late '28, which is lightning fast by fab standards.

是的。那是我們正在釐清如何運作設備、設備類型之類的事情。但真正量產會在 2028 年底，按晶圓廠的標準來說這已經快得驚人。

Understood. And then just a quick follow-up on Optimus. I know you mentioned that we could see a video soon that there's quite a bit of progress, but you're still making some refinements. I guess just generally speaking, where do you see most of the design changes still happening going forward?

了解。接著快速追問一下 Optimus。我知道你提到我們可能很快會看到一段影片，進展相當多，但你們仍在做一些微調。我想更概括地問，往後你認為設計變更主要還會集中在哪些地方？

Is it still the hand that's an issue? Anything you can call out there?

還是手部是問題所在嗎？有沒有什麼你可以特別點出的？

Yes, it's mostly of the difficulty. I mean, Konstantinos why don't you answer this question?

是的，主要是難度所在。我的意思是，Konstantinos，你來回答這個問題好嗎？

So hand is one of the most challenging hardware areas actually. Most of the electromechanical system, I would say, is relatively high confidence, meaning like that it has converted to something that works decently well. The hand is from an electromechanical point of view, more complicated than actuators for the locomotion system, for example. Also, there are some bespoke gears that are carrying a lot of burden for consumption and for reliability that we are developing still. Yes, this would be the most.

手部其實是最具挑戰性的硬體領域之一。大多數機電系統，我會說相對有很高把握，也就是已經轉化成運作得相當不錯的東西。從機電角度來看，手部比方說比用於行走系統的致動器更複雜。另外，我們仍在開發一些客製化齒輪，它們在能耗與可靠性方面承擔了很大的負荷。是的，這會是最主要的。

Yes. It's mostly the hand and just kind of the fine-tuning of the hand design and the fingers, especially just -- it's a hard problem because humans have self-repair, like our hands repair -- our body repairs itself, but robots don't. So you have to -- and our fingers are kind of squishy and have lots of sensors in our skin. It's hard to make a hand that is -- that can handle lots of wear and tear, but it's still squishy enough to pick up delicate objects and has all the sensors and doesn't damage the sensors when you do repeated actions. And there's a lot of little things that you realize actually what an incredible thing the human hand is at the end of the day.

是的，主要是手部，以及手部設計與手指的微調，尤其是——這是個很難的問題，因為人類有自我修復能力，比如我們的手會修復——我們的身體會自我修復，但機器人不會。所以你必須——而且我們的手指有點柔軟，皮膚裡有很多感測器。要做出一隻手——既能承受大量磨損、又要夠柔軟能拿起精細物件，還要具備所有感測器，並且在重複動作時不會損壞感測器——這很難。而且你會在很多小地方意識到，人類的手到頭來真的是一個不可思議的東西。

So it's mostly from an electromechanical standpoint, the hands. There are other things that are improving as well throughout the robot, but that's the main thing. And then as I mentioned, upgrading the intelligence -- the onboard intelligence of the robot with AI5, which is a big step change in intelligence that will help a lot with the capabilities of Optimus. So I've said before that like humanoid robots biggest product on earth and its usefulness will be -- it's a rough approximation multiple of the electromechanical dexterity, the AI software and the AI chip hardware. And all three of those things are improving exponentially.

所以主要從機電的角度來看，是手部。機器人全身其他部分也在持續改進，但這是最主要的。然後如我提到的，還有升級智慧——用 AI5 升級機器人的機載智慧，這會帶來智慧上的重大躍升，將大幅提升 Optimus 的能力。我之前說過，類人機器人會是地球上最大的產品，而它的實用性將——粗略來說——等於機電靈巧度、AI 軟體，以及 AI 晶片硬體三者的乘積倍數。而這三者都在以指數速度提升。

I think we used that word a lot, but -- and the value is roughly those three things multiplied by each other. And then the Optimus robots will build the future Optimus robots. So you have a recursive function. So when you have a recursive multiplicative exponential, things will really grow extremely fast. They may start from a small base, but they're going to grow to crazy levels.

我想我們常用到「指數」這個詞，但——其價值大致上就是這三者彼此相乘。接著 Optimus 機器人會去製造未來的 Optimus 機器人。所以你會有一個遞迴函數。當你有一個遞迴的、乘法式的指數成長時，事情會變得極其快速地成長。它們可能從很小的基礎開始，但會成長到瘋狂的程度。

And I think at some point, there will be more human robots on earth than there are humans.

而且我認為在某個時間點，地球上的類人機器人數量會比人類還多。

Alex from Bank of America.

美國銀行的 Alex。

I guess just first on robotaxi. So it looks like for robotaxi, you're pricing lower than competitor rideshare in other robotaxi players in most markets. Is that the plan to do longer term to take market share given some of your structural cost advantages?

我先問 robotaxi。看起來在多數市場，你們對 robotaxi 的定價低於競爭對手的叫車服務，以及其他 robotaxi 業者。鑑於你們在結構性成本上的一些優勢，長期來看這是否是為了搶市占的策略？

Yes. I mean, remember, when you're comparing -- you're comparing us with rideshare, which has a driver in there, and we don't. Plus, we are manufacturing the car ourselves. So our cost basis overall is different. And I think I said it in my opening remarks, and I'll say it again, just don't want to be too repetitive, but Basically, our goal is to take over any kind of transportation.

是的。我的意思是，記住，當你在比較——你是在拿我們跟叫車服務比，而叫車服務裡有司機，但我們沒有。此外，我們自己製造車輛。所以我們整體的成本基礎不同。我想我在開場白裡說過，我再說一次——不想太重複——基本上，我們的目標是接管任何形式的運輸。

I mean I think we -- unless we are stopped by governments, which is certainly a possibility, like if they're trying to protect the domestic industry, I think Tesla will end up doing a majority of all passenger miles on earth in any country where it is allowed to operate freely.

我的意思是，我認為——除非我們被政府阻止，這當然有可能，比如他們想保護國內產業——我認為在任何允許特斯拉自由營運的國家，特斯拉最終會承擔地球上大多數的乘客里程（passenger miles）。

Yes.

是的。

And you can come back and look at this prediction, but I feel confident about this prediction.

你們之後可以回頭檢視這個預測，但我對這個預測很有信心。

Really helpful. And then just my follow-up question. I guess just on the key metric here, so unsupervised miles driven. So I think it grew at a high teens weekly growth rate since late July. Is this still the expectation you'll continue to grow that at double-digit weekly rate through the balance of the year?

非常有幫助。接著我的追問。我想就這裡的關鍵指標來看，也就是無監督行駛里程（unsupervised miles driven）。我認為自 7 月下旬以來，它以每週十幾個百分點的高成長率在增加。你們是否仍預期在今年剩餘時間，會以每週雙位數的速度持續成長？

And then what is really enabling that type of growth? It seems like you've definitely hit a comfort level in scaling much more rapidly. How much of that is Cybercab? How much of that is better safety validation with the latest version of FSD? And then just on fleet composition, do you expect Cybercab to represent a majority of the robotaxi fleet over time?

另外，究竟是什麼在驅動這種成長？看起來你們在更快速擴張方面顯然已達到某種舒適區。其中有多少是 Cybercab 的貢獻？有多少是最新版本 FSD 帶來更好的安全驗證？再就車隊組成而言，你們是否預期隨時間推移，Cybercab 會在 robotaxi 車隊中占到多數？

Yes. We will continue the scaling for the foreseeable future. We don't see any hurdles along the way. Obviously, there's work required, but we do see a clear path towards scaling to millions of vehicles over the next several months.

是的。在可預見的未來，我們會持續擴張規模。我們看不到途中有任何障礙。顯然需要投入工作，但我們確實看到一條清晰的路徑，能在接下來幾個月把規模擴張到數百萬輛車。

This is happening due to like primarily the technology investments we have made over the last several years and also in V15 stack that we alluded to earlier this year. Like a lot of the foundations is like hard to see -- it's like an iceberg. People only see the tip of the iceberg. There's a ton of work that goes into it. And like now we are starting to see the payoff of all that work of like developing end-to-end neural networks, learning from humans and so on, all of that is paying off.

這主要是因為我們過去幾年所做的技術投資，以及我們今年稍早提到的 V15 堆疊（stack）。很多基礎其實很難被看見——就像冰山一樣。人們只看到冰山一角。背後有大量工作投入其中。而現在我們開始看到那些工作的回報：例如開發端到端神經網路、向人類學習等等，這些都正在產生效果。

So that's what you're seeing that you're seeing the result of many years of work. It didn't just like happen in the last several months. Yes. And the same technology should scale to millions of vehicles across all over like wherever we are allowed to operate.

所以你現在看到的——你看到的是多年工作的成果。這不是在過去幾個月才突然發生的。是的。而且同樣的技術應該能擴展到各地的數百萬輛車——在任何我們被允許營運的地方。

Pierre from New Street.

來自 New Street 的 Pierre。

I just wanted to come back like I'm very really fascinated by 75% of like U.S. cars selling with FSD. And the interesting thing that if you look at the cars, they probably generate on sale the day they sell like about $7,000 of gross profit, but then, of course, FSD generates more than $1,000 a year. And so it does -- it makes like a minimal impact on numbers in the quarter the car is sold. But over the lifetime of the car, it probably at least doubles the profit per car.

我只是想回到一點：我對於美國汽車銷售中約有 75% 會搭配 FSD 這件事感到非常著迷。很有意思的是，如果你看車輛本身，它們在出售當天大概會產生約 7,000 美元的毛利，但當然，FSD 每年會帶來超過 1,000 美元。因此，它——在車輛售出的那一季，對數字的影響很小。但在車輛的整個使用壽命期間，它可能至少會讓每輛車的利潤翻倍。

And so the place where I'm going -- want to get to is, am I looking at it the right way? And are you at some point going to disclose for us like the annual recurring revenues that FSD represents? And I did my own math, and I'm thinking it's probably now approaching $1 billion of ARR. Is that the right order of magnitude?

所以我想要問到的重點是——我這樣看對嗎？以及你們是否會在某個時間點向我們揭露 FSD 所代表的年度經常性收入？我自己算了一下，我覺得現在可能已經接近 10 億美元的 ARR。這個量級對嗎？

Yes. I think the numbers which you shared are correct. And as it scales further, we will start sharing more metrics around FSD, not just the revenue, but also other key metrics around it.

是的。我認為你分享的數字是正確的。而且隨著規模進一步擴大，我們會開始分享更多與 FSD 相關的指標，不只是營收，還包括其他關鍵指標。

Okay. And as a quick follow-up, do you have like a good sense already? And can you tell us about like the retention rate? Like do -- how many people like three or six months down the line stick to the monthly subscription if you see a percentage of drivers falling off?

好的。那再快速追問一下，你們現在是否已經有不錯的掌握？你能跟我們談談留存率嗎？例如——有多少人在三個或六個月後仍會持續訂閱月費方案？你們是否看到有一定比例的駕駛會流失？

Yes. I mean, like I said, we will share more metrics around churn rates and whatnot. But -- the reason we are not doing it at this stage is there are a lot of things which we are doing, especially with new countries being added, that we offer free trials.

是的。我的意思是，如我所說，我們會分享更多關於流失率等指標。但——我們現階段不這麼做的原因是，我們正在做很多事情，尤其是新增國家時，我們會提供免費試用。

And one thing which I'd also like to make sure it's clear, when I say in North America that more than that 75% attach rate at the time of delivery, this is like every car which we're delivering comes with a month of free FSD subscription. And still people are signing up, even though they have that free available.

另外我也想確保一點很清楚：當我說北美在交付時的附加率超過 75% 時，這是指我們交付的每一輛車都會附帶一個月的免費 FSD 訂閱。即便有免費可用，人們仍然會註冊。

Colin at Oppenheimer.

Oppenheimer 的 Colin。

Elon, can you talk about the strategy around ramping Optimus production just a little bit to start training even if the hands aren't fully baked with the final design. It seems like there's a lot that you could end up doing in terms of the training cycle and maturing some of the simulation technology even without perfected hands.

Elon，你能談談稍微提高 Optimus 產量的策略嗎？即使手部還沒有完全定型成最終設計，也先開始訓練。看起來即便沒有完美的手，你們在訓練週期以及讓部分模擬技術更成熟方面，仍然可以做很多事情。

Well, that's what we're doing is we're building robots that do not have perfected hands, and we are making progress with Optimus training and ironing out all aspects of the supply chain and the production system.

嗯，我們正在做的就是打造手部尚未完美的機器人，同時在 Optimus 訓練上取得進展，並把供應鏈與生產系統的各個面向都磨合順暢。

So that's -- we're doing all these things in parallel, like this giant production line in -- at our Fremont factory, massive supply chain and then fine-tuning the design and engineering simultaneously with the AI software. So all these things are happening simultaneously. And we're growing as fast as humanly possible here. I don't think anyone is going to have -- and in fact, I'd be stunned if anyone has a robot that is remotely competitive with Optimus when we go -- when we start delivering it to customers, which is likely to be towards the end of next year.

所以——我們是並行在做所有這些事，例如在我們 Fremont 工廠有一條巨大的生產線、龐大的供應鏈，然後同時在 AI 軟體的配合下微調設計與工程。所以這些事情都在同時發生。而且我們正以人類所能做到的最快速度成長。我不認為會有人——事實上，如果有人在我們開始向客戶交付時，能有任何在競爭力上可與 Optimus 相提並論的機器人，我會非常震驚；而我們很可能會在明年年底左右開始交付。

Yes. And you should know that not only the Fremont factory, we've also started constructing a factory here in Austin, which would be able to do a lot more robots as compared to the Fremont one. So going back to what Elon was saying, we're doing whatever we can. We're not stopping. We're just going at the fastest pace as we can.

是的。而且你應該知道，不只是 Fremont 工廠，我們也已經開始在奧斯汀這裡建造一座工廠，相較於 Fremont，那裡能生產更多機器人。所以回到 Elon 剛才說的，我們正在盡一切所能。我們不會停下來。我們只是以我們能做到的最快速度前進。

Yes. We're definitely, as I say, in Vegas betting on the come.

是的。我們確實——就像我說的——在拉斯維加斯押注「come」。

Awesome. And then in terms of the semi cap capacity availability, can you talk about how you're navigating that with the suppliers? Obviously, seeing some deposits get put down on equipment and getting deliveries moving forward is a net positive on Terafab. But are there some more aggressive things that you can do to start getting ready for the larger ramp now? And how should we think about that flowing through the CapEx budget?

太棒了。接著就半導體產能可用性而言，你能談談你們如何與供應商一起應對嗎？顯然，對設備支付一些訂金並推動交付往前走，對 Terafab 來說是淨正面。但你們是否能做一些更積極的事情，現在就開始為更大幅度的爬坡做準備？而我們應該如何看待這會如何反映在資本支出（CapEx）預算上？

It's not a massive impact right now. I think CapEx it's actually ending up being a little lower than we anticipated. But we will start to become more meaningful next year and then noticeable like in the tens of billions in '28.

目前影響不大。我認為資本支出實際上最後會比我們原先預期的略低一些。但明年開始會變得更有意義，然後到 2028 年會明顯到達數百億美元的規模。

All right. We are coming up on time here. We appreciate everyone's questions, and we look forward to talking to you next quarter. Thank you very much, and goodbye.

好的。我們這邊時間差不多了。感謝大家的提問，我們期待下個季度再與各位交流。非常感謝，再見。